Many people ponder over the idea of canceling their insurance policy for their recreational vehicles during the off season to try a save some money. This is not always a good idea, especially if you have substantial money invested in your RV or boat. Although you may not be using these toys during the off season, they can still be damaged, and an insurance claim would have to be made to your insurance provider to cover any damage or loss. By canceling your policy, you may be paying for repairs or replacements at your own expense. During the off months, while your toys are in storage, things can still occur such as vandalism or damage caused by an unexpected event, which could turn pretty expensive without an active insurance policy.
Let’s take a look at some of the situations that could occur during the off season that might set you back without an insurance policy on your summer toys. Here a few liability scenarios that could occur, especially if you live in higher risks environments:
A winter storm topples tree, and it falls on your RV. This would be a comprehensive claim.
A hail or high wind storm damages your boat or RV - also a comprehensive claim.
A garage, shed or home fire burns your motorcycle, boat or RV. This would not necessarily be covered by your homeowner’s insurance policy and would have to be filed as a comprehensive claim against your recreational vehicle policy.
Your RV or boat is stored in an off-season storage facility and is damaged by an unknown person, who perhaps hits your boat or RV with their vehicle and leaves the scene without leaving contact information, or they are not insured. All the repairs could fall on your shoulders in this scenario.
Any type of vandalism where someone intentionally causes damage or steals something from your RV or boat, such as a radio or other expensive components, would only be covered by your personal RV/boat policy. Keep in mind that most storage facilities require you to have insurance or take out a temporary policy with the storage facility itself, which is usually more expensive than going with a standard boat, RV, or motorcycle specific policy from your personal insurance provider.
By keeping your motorcycle insurance, RV insurance, or boat insurance in effect during the off-season, it may save you from expensive repairs. Keeping a year-round policy in place may also save you money on your annual policy premium. Insurance rates change yearly so you may actually have to spend more to reactivate your policy than would you have had to spend just keeping the initial policy in place.
It would be advisable to understand your policy and speak with your insurance representative before canceling your off-season RV, boat, or motorcycle insurance so that you fully understand whether the benefits outweigh the risks.